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Sunday, June 24, 2012

Standing Grind - Bleh

Station traders require standing.  Both with the faction and the corporation who owns the desired hub.  With the frequency and volume I intend to trade at, good standing will save me tens of millions a month, and maybe hundreds of millions a month down the road.  The reason for this is positive standing reduces your broker's fee:

   
The Broker Relations skill will further reduce the charge by 25% at level five.  Since the Inferno expansion, the base transaction tax is 1.5% instead of 1.0%.  With maxed out Accounting skill, the best you can do is pay 0.75% tax instead of 0.50%.  If you look at the chart above, you now need to get your standing in the deep red area if you want to get your total charge under 1.0% when placing sell orders on the market. Taxes are paid on sell orders whether you place the order or just dump it at the max buy price.  Broker's fee is paid on both buy and sell market orders.  So if you are playing both ends of a trade, you will pay the broker's fee twice and taxes once.  Knocking down the broker's fee a few tenths of a percent can become a big deal over time.  Also, something to note from the chart is your unmodified base standing is used, the Connections skill is irrelevant.    

This is why I have decided to build up a bit of standing before I start my station trading odyssey.  I have done some standing grinding in the past, none of it was any fun.  However, I'm having good success so far, getting my Caldari State and Caldari Navy standing boosted much faster than I had in the past thanks to some lessons learned.

Here is the general method that I am using:

  • Begin training the Social skill.
  • Run a few sets of Career Agents.  The business and industry agents require very few combat skills.  I trained drones to get one scout drone on my navitas.  This makes any altercations a breeze.  
  • Turn in copper tags and do the courier missions at all three Data Centers for my empire.
  • Run through one full cycle of the Circle Agents.    
  • Grind Level 1 and Level 2 courier missions for the corp that owns the market hub station, do the faction storyline mission after every 16 missions.
  • Buy pirate tags to turn in at the data center.
  • Run/buy COSMOS missions using a guide like this one.

I didn't do anything until I had Social IV and I held off on doing COSMOS and some tag turn-ins until I had Social V.  A few afternoons of multitasking courier missions with real life concerns coupled with about two hours of COSMOS missions and I'm sitting at just below 3.0 effective for Caldari State and 2.5 with Caldari Navy.  I've spent about 100 million isk on COSMOS drops and the Guristas tags I've turned in so far.  The more expensive tags like bronze and gold I am going to wait until my trade skills are high enough to place buy orders.  The set of 20 bronze tags currently runs over 150 million isk in Jita.  I paid a million for the only drop you need in the very first COSMOS mission and the standing bump is close to some of the tag turn-in missions.

Another way to quickly boost standing is by gaining militia standing.  For every 1.0 in effect standing with the militia corporation, you go up a rank.  That is accompanied by a healthy gain in faction standing.  The best way to do this is to run the missions, and I am not training up for a stealth bomber with T2 torpedoes just for standing with Caldari State.  However, what I could do is briefly join the militia and run defensive plexes in contested systems.  Since the Inferno expansion, the entire warzone is usually contested.  One promotion should be easy to come by, maybe a second.  However, after that it becomes tough to gain promotion through plexing.  No combat skills are necessary to defensive plex, just the willingness to warp out like a weasel when someone comes at you.

In the end, I think it will be worth it.  The decreased cost of trading will help me get the edge and keep at it when margins get tight.  Besides, what I've been doing to raise standing can hardly be classified as high end gaming.  There has been very little to be paranoid about, which is a departure from my usual gameplay.

Wednesday, June 20, 2012

Station Trading: Smell The Adventure

Welcome to Fringe Eveonomics!

There are a few reasons as to why I wanted to start this blog.

I have been buying plex to support three accounts for about a year now.  To earn that isk I have run reactions in low sec, PI in low sec and in a wormhole, mined in null and hi sec, and have done a some L4 missions.  Through those activities I have not given CCP one red cent since my six week hiatus from a year ago.  Not only that, but I have had enough isk left over to buy module to keep up my PvP character's hangar.  Most of the mining I do builds his ships.  I have not gotten rich doing this, but I get to play EVE for free and experience a great deal of the game including all the on-demand small gang warfare I desire in faction warfare.

However, there is one area of EVE I have been wanting to get into since I began playing a little over two years ago, and that is market trading.  I have a character who was destined for this, but he is far too important to my PI operation to bring out of the wormhole (he's also my primary scanner).  I have been dabbling in trading with my hauler who has decent trade skills, but it is far too inconvenient managing orders with the amount of travel that is required for a wormhole hauler.

So today I began a trial account for what I plan on being my permanent market trader.  He will train up to max station trading skills and will manage a portfolio of trade position and assets in Jita 4-4.  The initial capital investment will be around 1 billion isk, which will be used to establish various orders in market sectors I want to trade in.  I believe I have enough experience with PvP and industry to competently trade the selected market items.

I have traded stocks in real life using level two information (before real life market bots took over).  My recent experience in station trading reminds me a lot of what I did with stocks.  Even though my day trading is behind me, I still watch a lot of CNBC and know a decent amount about reading charts.  I also know how much knowledge I'll need to gather to trade intelligently. 

The overall goal of this operation is to turn it into a cash machine, yielding a billion isk a month.  That's enough for two plex.  My goal the first month is half that amount.  My goal for the blog is to document my adventure establishing my portfolio.  I think I have a solid few months in me before things get stale.  I may also use it as a platform for other areas of EVE not typically covered by blogs.  I could also use it as a sounding board for my opinion on current events in the game.   

So welcome to Fringe Eveonomics.